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27 March
2008 PacificNet To
Oppose Involuntary Bankruptcy
Petition PacificNet,
a provider of gaming technology in China, has
announced that three holders of PacificNet's
Convertible Subordinated Debentures filed an
involuntary petition for Chapter 11 relief in
federal bankruptcy court late Saturday, March 22nd
in Wilmington, DE. The Company has
retained counsel to oppose the filing because the
petition fails to meet the standard for invoking an
involuntary bankruptcy and fails to take into
consideration other binding agreements between the
Company and the petitioning creditors that control
the relationships between them. The Company intends
to vigorously oppose the petition and move for
dismissal of the filing, and if successful will
seek damages and attorneys fees. "PacificNet
intends to take all appropriate actions and
remedies regarding the involuntary petition," said
CEO Tony Tong. "We are working very hard with the
advice of counsel to resolve this issue as soon as
possible. We regret the action taken by these
bondholders, however, we must be sure that any
settlement reached is fair to all parties involved,
including our shareholders. In the meantime, we
will continue to operate as usual with no changes
to our day-to-day operations. " |
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